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It is no secret that US blue-chip dividend paying stocks are trading at extremely high valuations relative to historical norms. Interest rates remain at all-time lows, and investors hungry for yield have turned to blue-chip dividend growth stocks in order to satisfy their appetites. For the past seven years or so that strategy has worked out quite well on both a capital appreciation and dividend income growth basis. Seven years is a long time, and the longer that the bull market in blue-chip dividend growth stocks runs, the more complacency it breeds.